Belarus, a country in Eastern Europe, has recently announced its plans to introduce a bill that would ban cryptocurrency transactions between individuals. The Ministry of Internal Affairs (MVD) of Belarus believes that this move will help combat money laundering and illegal activities associated with cryptocurrencies.
The ministry aims to promote transparency and monitoring by allowing citizens to trade digital assets exclusively through official exchanges.
In a social media post on VKontakte, the Ministry of Internal Affairs stated, “The Ministry of Internal Affairs is working on legislative innovations that prohibit transactions from exchanging digital assets between individuals.
For transparency and control, citizens will be allowed to carry out such financial transactions only through the HTP exchanges.” By implementing these restrictions, the Belarusian government hopes to make it unprofitable for fraudsters to operate within the country.
Law enforcement agencies have already identified 27 cases of illegal cryptocurrency exchange since the beginning of 2023, with an estimated income of nearly 22 million Belarusian rubles ($8.7 million).
Thailand Introduces New Regulations for Crypto Exchanges
Belarus is not the only country taking measures to regulate the cryptocurrency industry. Thailand’s government has also introduced new regulations for digital asset exchanges.
According to the Securities and Exchange Commission (SEC) of Thailand, digital asset businesses are now required to disclose the risks associated with trading cryptocurrencies publicly.
Furthermore, the SEC has issued rules prohibiting digital asset operators from offering loans or investments using customers’ deposited digital assets. They are also not allowed to provide returns to depositors or engage in related advertising. These measures aim to protect investors from the risks associated with digital assets.
The SEC held several meetings in 2022 and 2023 to approve these guidelines and subsequently prepared the necessary rules. The disclosure of risk warnings in cryptocurrency trading became effective on July 31, 2023, requiring operators to provide clear warnings about the high risks of cryptocurrencies.
Additionally, starting from August 30, 2023, digital asset businesses are prohibited from accepting deposits and providing deposit-taking and lending services, with limited exceptions.
These actions by Belarus and Thailand highlight the growing efforts of governments worldwide to regulate and monitor digital asset transactions.
However, as the popularity of cryptocurrencies continues to rise, authorities seek to strike a balance between fostering innovation and protecting their citizens from potential risks and illicit activities.
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